Choosing the right medical indemnity insurance is a key decision every practitioner makes during their career. Due to the high stakes nature of the medical profession, having adequate insurance is crucial – especially when you’re starting your own medical practice. With greater responsibilities comes heightened risk, so it’s essential that you have the right level of cover to safeguard yourself, your employees and your practice.
For ambitious medical practitioners, opening your own practice can be a fulfilling endeavour. It gives you the freedom to define the quality of patient care, assemble your team and be in full control of your clinic’s financial success.
Like every business, medical practices face the same challenges of operating profitably while also delivering the highest quality of service. From cash flow to capital, unlocking opportunities also comes with associated risks.
Throughout a clinician's education, most of their training is focused on the medical aspects of their profession. From learning how to treat patients with care and empathy, to building the hard skills that can save lives. Rarely are leadership skills included. With today's rapidly changing healthcare landscape, leadership and business acumen are not only becoming favorable traits, but are required for clinicians pursuing a successful career.
The costs of being a healthcare provider are on the rise, combine that with higher demand from patients for a more personalised and affordable service and it’s becoming increasingly difficult to run a financially viable organisation. As such, clinics and physicians need to look for new strategies and patient care models to increase efficiency and relieve the pressure on their bottom line.
We've recently published an updated version of this article for 2019 - you can read it here.
The good news — 2017 offers big things for ambitious practice owners in the making. New legislation, latest tech trends and innovative medical treatments can help you to pave the way for better patient care and innovative practice management.
As we all know, there’s more than medical expertise needed for starting a medical practice from the ground up. There’s a plethora of business know how necessary to hit the ground running in 2017 and set up your profitable practice for success.
Opening your own medical practice is a rewarding endeavour. As a new business owner, you'll need to establish efficient processes and smart finances. This practical guide aims to streamline your operations and simplify your finances, from day one.